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Singapore Dollar Oversold on Bigger Timeframes

fxsurprise8 Posted 31 July as Analysis on USD/SGD, Target: 1.3559, Date: 1st of September, 12:00 GMT  in #Technical analysis #SGD #USD/SGD #Down Trend #Us Dollar #Singapore Dollar #Oversold #Stochastic Indicator #Range Bound #Below 20
The Singapore Dollar seems to be oversold on all the bigger timeframes. The pair from a high of over 1.4500 to 1.3500 right now. This is a large move for a currency that mostly follows the USD.
On the first weekly chart above we are seeing that the USD/SGD is already oversold on the weekly charts. The 5,3,3 Stochastic Oscillator is printing values below 20, indicating that the selling may be overdone.
On the second chart below we are seeing a similar situation on the daily chart, with values bel…
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fxsurprise8 2 Sep.

Everything went according to plan with my forecast. The pair spent the month of August in a range, as can be seen on the chart above.

The August price action is marked with a rectangle on the picture. We opened the month at 1.35742 and closed it at 1.35729, a percentage change of less then 0.01%.

My forecast bet on the pair staying near the what was then the current market price of 1.3559. at 12:00 on September 1st the pair was trading at 1.35451. This is a percentage difference of only 0.10%.

(more below)

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fxsurprise8 2 Sep.

Overall the intra-month price action suit the forecast too. The monthly high stands at 1.3688 and the low at 1.3504.

This is only 184 pips or a percentage variation of only 1.34%, fairly low even for the forex market. Furthermore as we see in the picture in my previous comment, the lows got quickly bought up and the highs got sold.

This suits in the narrative presented in the opening post of price being oversold and stuck in the main downward trend. These two conflicting forces kept the USD/SGD in a range during August. Overall a solid analysis that panned out nicely.

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EUR/GBP Overbought on Larger Timeframes

fxsurprise8 Posted 31 July as Analysis on EUR/GBP, Target: 0.8961, Date: 1st of September, 12:00 GMT  in #Technical analysis #GBP #Euro #EUR/GBP #Pound #Overbought #Stochastic Indicator #Range Bound #Range Trading #Mean Reversion
The EUR/GBP is overbought on the larger timeframes. The pair had a +600 pips rally since April of this year and +2,000 pips rally since the lows hit in 2015.
For a mostly range-bound pair this is too much. Technical indicators seem to confirm this view. The Stochastic Oscillator on the weekly hart is showing a value over 80, indicating overbought market sentiment.
Our final chart below shows that things aren't looking rosy for the bulls on the shorter-term charts either. Here we see the EUR/GBP …
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Gains in EUR/GBP Likely Over

fxsurprise8 Posted 31 May as Analysis on EUR/GBP, Target: 0.8731, Date: 3rd of July, 12:00 GMT  in #Technical analysis #GBP #EUR #EUR/GBP #Overbought Status #Stochastic Indicator #Swing Low #Range Bound #Swing High #Mean Reversion
The EUR/GBP is approaching overbought levels. After the latest 400 pips rally on the daily chart below we peaked at 80 on the Stoch and we're now dropping down. The gains likely coming to an end here.
On our second chart below we're seeing that this currency pair has been range-bound for almost one year, since September of 2016. Notice the swings up and down, every rally is being sold into while every drip is being bought. Furthermore here too we're seeing the Stochastic Oscillator above 80, sig…
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EURo Nearing Cluster of Previous Resistance Levels

fxsurprise8 Posted 31 May as Analysis on EUR/USD, Target: 1.1242, Date: 3rd of July, 12:00 GMT  in #Technical analysis #EUR #USD #Europe #EUR/USD #Overbought #Resistances #Resistance Zone #Stochastic Indicator #Stochastic
The Euro is slowly becoming overbought. Look at the weekly chart below. We are already trading past the 80 level on the Stochastic Oscillator, a level which signifies an overbought market condition. But that on it's own shouldn't be traded upon.
Exhibit number two is the second picture below. We are nearing a cluster of previous resistance levels, starting from this month's high at 1.1268 to the 1.1302 spike on Trump election day. Higher up more levels can be found at 1.1370, 1.1428 and of cours…
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